EIU report: Bucharest, in top 10 cheapest cities in the world in 2018

The Economist Intelligence Unit (EIU)’s report “Worldwide cost of living 2018” shows that Bucharest ranks the ninth cheapest major city in the world, and the cheapest in Europe.

In 2018 Singapore retains its title as the world’s most expensive city for the fifth consecutive year in
a top ten that is largely split between Asia and Europe. Seoul is the only other city in the top ten that
has maintained its ranking from the previous year. In the rest of Asia, Hong Kong and Sydney join
Singapore and Seoul in the top ten. Low inflation has pushed Tokyo and Osaka out of the top ten in the
cost of living ranking covering 133 cities worldwide. The Japanese capital, which was the world’s most
expensive city until 2013, has moved seven places down the ranking in the past 12 months. Conversely,
Seoul, which was ranked 21st five years ago, is now in sixth position.

Tel Aviv, which was ranked 34th just five years ago, is now the ninth most expensive city in the
survey. Currency appreciation played a part in this rise, but Tel Aviv also has some specific costs that
drive up prices, notably those of buying, insuring and maintaining a car, which push transport costs
79% above New York prices. Tel Aviv is also the second most expensive city in the survey in which to
buy alcohol.

Within western Europe it is non-euro area cities that largely remain the most expensive. Zurich
(2nd), Oslo (5th), Geneva (6th) and Copenhagen (8th) are among the ten priciest. The lone exception
is Paris (2nd), which has featured among the top ten most expensive cities since 2003. With west
European cities returning to the fold, the region now accounts for three of the five most expensive
cities and for one-half of the top ten. Asia accounts for a further four cities, while Tel Aviv is the sole
Middle Eastern representative

The Worldwide Cost of Living is a biannual Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.